It was initially uncertain that the South African Grand Prix would go ahead due to the power crisis, but it did so, albeit belatedly in March. Lotus stunned the paddock with an innovative model on display with four pedals, an electric clutch and a double engine. However, practice was overshadowed by a tragic accident which cost the life of Peter Revson, his team Shadow withdrawing as a result. Niki Lauda took pole by a fraction from Carlos Pace. The two Lotus cars tangled shortly after the start, also involving Jochen Mass and Henri Pescarolo whilst Tom Belsø's race lasted no more than a few hundred yards due to clutch failure. Lauda led a train of cars consisting of Carlos Reutemann,Clay Regazzoni, Jody Scheckter and James Hunt, whose Hesketh was suffering vibration problems.
Mike Hailwood caught and passed Scheckter when he missed a gear, and then passed Reutemann on lap 9. On lap 75, nearly at the finish, Lauda was forced to retire with ignition problems and low oil pressure, handing the lead to Reutemann. This was the first Argentine victory since Juan Manuel Fangio and Brabham's first since the 1970 South African Grand Prix. Jean-Pierre Beltoise fought his way up through the field to 2nd, capping a fine drive by holding off a determined challenge from Mike Hailwood who took the final podium place.
| Pos | No | Driver | Constructor | Laps | Time/Retired | Grid | Points |
|---|---|---|---|---|---|---|---|
| 1 | 7 | Carlos Reutemann | Brabham-Ford | 78 | 1:42:40.96 | 4 | 9 |
| 2 | 14 | Jean-Pierre Beltoise | BRM | 78 | + 33.94 | 11 | 6 |
| 3 | 33 | Mike Hailwood | McLaren-Ford | 78 | + 42.16 | 12 | 4 |
| 4 | 4 | Patrick Depailler | Tyrrell-Ford | 78 | + 44.19 | 15 | 3 |
| 5 | 9 | Hans Joachim Stuck | March-Ford | 78 | + 46.23 | 7 | 2 |
| 6 | 20 | Arturo Merzario | Iso Marlboro-Ford | 78 | + 56.04 | 3 | 1 |
| 7 | 5 | Emerson Fittipaldi | McLaren-Ford | 78 | + 1:08.39 | 5 | |
| 8 | 3 | Jody Scheckter | Tyrrell-Ford | 78 | + 1:10.54 | 8 | |
| 9 | 6 | Denny Hulme | McLaren-Ford | 77 | + 1 Lap | 9 | |
| 10 | 10 | Vittorio Brambilla | March-Ford | 77 | + 1 Lap | 19 | |
| 11 | 18 | Carlos Pace | Surtees-Ford | 77 | + 1 Lap | 2 | |
| 12 | 26 | Graham Hill | Lola-Ford | 77 | + 1 Lap | 18 | |
| 13 | 29 | Ian Scheckter | Lotus-Ford | 76 | + 2 Laps | 22 | |
| 14 | 32 | Eddie Keizan | Tyrrell-Ford | 76 | + 2 Laps | 24 | |
| 15 | 37 | François Migault | BRM | 75 | + 3 Laps | 25 | |
| 16 | 12 | Niki Lauda | Ferrari | 74 | Ignition | 1 | |
| 17 | 8 | Richard Robarts | Brabham-Ford | 74 | + 4 Laps | 23 | |
| 18 | 15 | Henri Pescarolo | BRM | 72 | + 6 Laps | 21 | |
| 19 | 23 | Dave Charlton | McLaren-Ford | 71 | + 7 Laps | 20 | |
| Ret | 11 | Clay Regazzoni | Ferrari | 65 | Oil Pressure | 6 | |
| Ret | 28 | John Watson | Brabham-Ford | 54 | Fuel System | 13 | |
| Ret | 2 | Jacky Ickx | Lotus-Ford | 31 | Brakes | 10 | |
| Ret | 24 | James Hunt | Hesketh-Ford | 13 | Transmission | 14 | |
| Ret | 19 | Jochen Mass | Surtees-Ford | 11 | Suspension | 17 | |
| Ret | 30 | Paddy Driver | Lotus-Ford | 6 | Clutch | 26 | |
| Ret | 1 | Ronnie Peterson | Lotus-Ford | 2 | Collision | 16 | |
| Ret | 21 | Tom Belsø | Iso Marlboro-Ford | 0 | Clutch | 27 |